China Shipping Haisheng quits shipping business

China Shipping Haisheng quits shipping business

China Shipping Haisheng has announced plans to sell full equity of its subsidiary Hainan Haisheng Shipping to Cosco Shipping Bulk for around RMB63.3m ($9.54m).

In August, China Shipping Haisheng transferred all its shipping assets to Hainan Haisheng Shipping.

China Shipping Haisheng said the company’s shipping business has been suffering losses amid the downturn in the dry bulk shipping market and the company will quit the shipping business and focus on medical care after completion of the transaction.

China Shipping Haisheng used to be a subsidiary of China Shipping Group, becoming a privately controlled company after China Shipping sold its shares to Lanhai Group in 2015.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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